An unnamed benefactor has helped Glentoran Football Club stave off a winding up order from HM Revenue and Customs.
The donation coupled with changes to the club’s articles of association meant the Irish Carling Premiership club was able to reach an agreement with HMRC over unpaid taxes in the region of £300,000.
Glentoran chairman Aubry Ralph told BBC Sport: "People will be brought on board to be responsible for bringing investment into the club as we want to take Glentoran out of debt and into profit going forward.
"A salary cost protocol has been set in place by the IFA which will permit clubs to spend only a certain percentage of their allowable income and that will inevitably lead to a reduction in salaries."
During the club’s extraordinary general meeting a new ten man board was proposed and was voted for unanimously by shareholders but required the changed in articles of association.
It is unknown whether Ralph will remain as chairman.